BRCO11 REIT fulfills conditions precedent in lease agreement with Nubank; financial institution becomes a tenant at Bresco Viracopos

With the lease of the 9,000 sqm area, vacancy in the property fell from 11.3% to 0.8%

Rafael Fonseca, Partner and CIO at Bresco Investimentos

By: SiiLA News

12/26/2025

This Friday (26), the real estate investment fund Bresco Logística (BRCO11) announced, via a material fact, the completion of the conditions precedent for the lease agreement with Nubank (ROXO34) at the mixed-use development Bresco Viracopos to become effective.

As a result, the financial institution becomes the newest tenant of the asset, occupying a 9,000 sqm area under a 5-year contract. According to BRCO11, with this occupancy, the property’s vacancy rate will decrease by 10.5 percentage points, from the current 11.3% to 0.8%. In addition, based on the monthly rent to be received, an impact of R$ 0.014 per fund unit is expected.

According to the document, the asset is part of the REIT’s strategy to allocate proceeds raised in its 6th issuance of units, concluded on December 23 of this year. This offering raised approximately R$ 248 million, with the distribution of 2.1 million new units at an issuance price of R$ 117.47 each.

Bresco acquisition

The property was acquired by Bresco in a joint transaction in which the properties Bresco Simões Filho and Bresco Viracopos were purchased for a total value of R$ 529.26 million, with an estimated cap rate of 11.5%.

In this acquisition, Bresco Viracopos was valued at R$ 381.4 million, plus R$ 66 million for land with potential for future expansion, totaling R$ 448.2 million. Bresco Simões Filho, in turn, was acquired for R$ 81.3 million.

Movimento de retomada ao presencial da Nubank

About a month ago, Nubank began an internal movement to resume in-person work. The company held a meeting in which it announced the end of the 100% remote work model.

Under the previous arrangement, employees needed to be in the office only one week per quarter. Starting in July 2026, however, 70% of the workforce is expected to work in person at least twice a week, a number that increases to three days per week in 2027. The announcement was surrounded by controversy and led to the dismissal of 12 employees who reacted negatively to the change.

In this context, the lease at Bresco Viracopos may indicate precisely this return-to-office movement, suggesting that the bank is seeking more space to accommodate its team.

Read more on the topic:

Bresco Viracopos

Aerial photo of the Bresco Viracopos development

A Class A+ asset located in Campinas, near Viracopos Airport, with a gross leasable area (GLA) of 87.1 thousand sqm and an occupancy rate, after Nubank’s lease, of 99.2%. The development has an expansion potential of 80 thousand sqm, and among its main tenants are DHL, FedEx, and Embraer.

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